FTC Solar (FTCI) AI Stock Analysis

• Market Cap: $144.17M
• Dividend Yield: N/A
• Average Volume (3M): 297.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.52
• Revenue Growth: 39.53%
• EPS Growth: -7.16%
• Country: US
• Employees: 202
• Sector: Technology
• Sector Strength: 88
• Industry: Solar
• EPS (TTM): -1.61
• Shares Outstanding: 14,940,407
• 10 Day Avg. Volume: 103,853
• 30 Day Avg. Volume: 297,196
• PEG Ratio: >-0.01
• Price to Book (P/B): 3.67
• Price to Sales (P/S): 1.47
• P/FCF Ratio: -1.92
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 1.23
• Enterprise Value/Gross Profit: -10.23
• Enterprise Value/Ebitda: -1.69
• 1Y Price Target: $12.50
• Price Target Upside: 29.53% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -3.5
• Revenue Forecast (FY): $99.05M

• Rating: 55 Neutral
• Price Target: $9.00 ▼(-6.74% Downside)

FTC Solar's overall stock score is primarily influenced by its challenging financial performance, with consistent losses and negative cash flows. However, the recent earnings call provided some optimism with record revenue growth and strategic initiatives. Technical indicators show a positive short-term trend, but valuation remains a concern due to negative earnings.

Positive Factors

Revenue Growth

The significant year-over-year revenue growth indicates strong market demand and successful sales strategies, positioning FTC Solar for sustained expansion in the solar industry.

Product Innovation

Innovative products like the washerless tracker enhance installation efficiency, offering a competitive edge and potentially increasing market share in the solar tracking sector.

Strategic Acquisition

The acquisition of Alpha Steel strengthens FTC Solar's domestic content capabilities, potentially reducing costs and improving margins through enhanced supply chain control.

Negative Factors

Consistent Losses

Ongoing losses and negative profit margins highlight operational challenges, which could hinder long-term financial stability and require strategic adjustments.

Negative Cash Flows

Negative cash flows indicate liquidity challenges, limiting FTC Solar's ability to invest in growth opportunities without relying on external financing.

High Accounts Receivable

High accounts receivable can strain cash flow and reflect potential collection issues, impacting liquidity and financial health if not managed effectively.

FTC Solar Business Overview & Revenue Model

Company Description

FTC Solar (FTCI) is a leading provider of solar tracking solutions and software for the solar energy industry. The company specializes in designing and manufacturing advanced solar trackers, which are critical components that enhance the efficiency of solar energy systems by allowing solar panels to follow the sun’s trajectory throughout the day. FTC Solar operates in the renewable energy sector, focusing on utility-scale solar projects and providing innovative solutions that improve energy generation and reduce costs for solar developers and operators.

How the Company Makes Money

FTC Solar generates revenue primarily through the sale and installation of its solar tracking systems, which are utilized in large-scale solar power projects. The company offers a range of products, including its proprietary Voyager solar tracker, which is designed to optimize energy output. Additionally, FTC Solar provides software solutions that enhance the performance and management of solar installations. Key revenue streams include direct sales to solar project developers, long-term service agreements for maintenance and support, and potential licensing of its technology. Partnerships with solar energy developers and utilities also play a significant role in driving sales and expanding the company's market reach.

FTC Solar Financial Statement Overview

Summary

FTC Solar is facing financial difficulties with declining revenues, consistent losses, and negative cash flows. The balance sheet remains moderately leveraged, but the company needs to address its operational inefficiencies and improve cash flow management to stabilize its financial health.

Income Statement

FTC Solar's income statement shows persistent losses, with a negative net profit margin and continuous EBIT and EBITDA losses. Revenue has decreased significantly from previous years, indicating a challenging business environment. Although the gross profit margin improved slightly in TTM, the company still faces substantial profitability concerns.

Balance Sheet

The company's balance sheet exhibits a moderate debt-to-equity ratio, suggesting some financial leverage but not excessively high. The equity ratio indicates a low proportion of equity to total assets, which could pose risks. However, the company has managed to maintain some level of equity despite ongoing losses.

Cash Flow

The cash flow statement shows negative operating and free cash flows, reflecting operational and capital challenges. The free cash flow growth rate is negative, indicating cash flow deterioration. However, financing cash flows have been positive, suggesting reliance on external funding to support cash needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	80.03M	47.35M	127.00M	123.07M	270.52M	187.35M
Gross Profit	-9.61M	-12.59M	8.31M	-27.23M	-32.55M	3.64M
EBITDA	-58.18M	-46.39M	-49.00M	-97.30M	-105.37M	-15.60M
Net Income	-55.42M	-48.61M	-50.29M	-99.61M	-106.59M	-15.92M
Balance Sheet
Total Assets	111.53M	89.93M	123.07M	134.40M	243.02M	71.39M
Cash, Cash Equivalents and Short-Term Investments	24.37M	11.25M	25.23M	44.38M	102.19M	33.37M
Total Debt	17.23M	10.63M	1.86M	1.20M	1.79M	2.38M
Total Liabilities	125.26M	70.89M	60.60M	67.95M	100.15M	63.94M
Stockholders Equity	-13.73M	19.04M	62.47M	66.45M	142.87M	7.45M
Cash Flow
Free Cash Flow	-43.19M	-36.34M	-53.47M	-55.49M	-133.88M	373.00K
Operating Cash Flow	-42.11M	-34.70M	-52.66M	-54.51M	-132.85M	629.00K
Investing Cash Flow	7.89M	6.26M	-397.00K	-4.25M	21.31M	1.87M
Financing Cash Flow	50.40M	14.50M	33.95M	903.00K	180.37M	22.64M

FTC Solar Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Positive. The current price of 9.65 is above the 20-day moving average (MA) of 8.99, above the 50-day MA of 8.44, and above the 200-day MA of 5.34, indicating a bullish trend. The MACD of 0.24 indicates Positive momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 57.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTCI.

FTC Solar Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FTCI	55 Neutral	$144.17M	―	-664.69%	―	39.53%	-7.16%
SOL	48 Neutral	$87.76M	―	-2.90%	―	-29.98%	-13.97%
TYGO	46 Neutral	$147.26M	-3.40	-177.48%	―	97.41%	11.83%
BEEM	40 Neutral	$39.86M	-1.47	-80.33%	―	-54.56%	-133.60%
SPWR	40 Underperform	$134.64M	-2.40	―	―	308.47%	76.84%
MAXN	39 Underperform	$49.85M	―	―	―	-54.68%	63.56%

FTC Solar Corporate Events

FTC Solar Reports Strong Q3 2025 Growth

FTC Solar, Inc. is a global provider of solar tracker systems, technology, software, and engineering services, known for its innovative designs that enhance energy production at solar power installations. In its third-quarter 2025 financial results, FTC Solar reported a significant increase in revenue, reaching $26 million, which marks a 156.8% year-over-year growth and surpasses its target guidance. The company also achieved its lowest loss from operations and best adjusted EBITDA since 2020, alongside securing a $75 million strategic financing facility and announcing a 1GW tracker supply agreement with Levona Renewables. Key financial metrics include a gross margin improvement of over 2,500 basis points quarter-over-quarter and 4,500 points year-over-year, with a return to positive gross margin for the first time since late 2023. Despite a GAAP net loss of $23.9 million, the company showed improvement in adjusted EBITDA, reducing its loss to $4 million from $12.2 million in the previous year. Looking ahead, FTC Solar expects fourth-quarter revenue to increase by approximately 25% compared to the third quarter, reflecting management’s optimistic outlook on the company’s growth trajectory.

FTC Solar’s Earnings Call Highlights Growth and Optimism

FTC Solar, Inc. recently held its earnings call, revealing a generally positive sentiment marked by significant growth in revenue and adjusted EBITDA. The company expressed optimism for future quarters, driven by product innovations and strategic acquisitions, despite challenges such as a GAAP net loss and high accounts receivable.

FTC Solar Amends Stock Incentive Plan at Special Meeting

On September 4, 2025, FTC Solar, Inc. held a Special Meeting of Stockholders where key decisions were made to amend the company’s 2021 Stock Incentive Plan. The stockholders approved an amendment to reserve an additional 2,000,000 shares of Common Stock under the plan. Additionally, the issuance of 6,836,237 shares of Common Stock upon exercise of certain Warrants was approved, exceeding the exercise caps. These decisions are expected to impact the company’s stock management and potentially influence its market positioning by providing more flexibility in stock incentives and warrant exercises.

The most recent analyst rating on (FTCI) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on FTC Solar stock, see the FTCI Stock Forecast page.